Nikkei 225 Breaks Major Support Around 16000, Targets 15500/15000
- Major Support - 16000
- The index has broken major support 16000 and declined till 16745 at the time of writing .It is currently trading around 15773.Short term trend is bearish as long as resistance 16450 (7 W EMA) holds.
- Any break below 16000 confirms minor weakness and decline till 15500/1500 is possible. in short term.On the higher side major resistance is around 16450 any break above will take the index to next level till 16700/17000/17300.
- The index minor resistance is around 16200 and break above targets 16450.
- Short term bearish invalidation only above 17300.
It is good to sell on rallies around 16000-16050 with SL around 16200 for the TP of 15700/15560.
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